Will GST revenue buoyancy continue for the rest of the Fiscal year 2024?

The GST collections trend in India upto June 2023 in FY23-24:

April 2023: Rs. 1,87,035 crore (highest ever)
May 2023: Rs. 1,57,079 crore
June 2023: Rs. 1,61,497 crore

The average monthly gross GST collection for the first half of FY23-24 is Rs. 1,69,000 crore. This is 12% higher than the average monthly collection for the same period in FY22-23.

The GST collections have been consistently growing in the current financial year. This is due to a number of factors, including the strong growth of the Indian economy, the increasing compliance with the GST law, and the government's efforts to boost digitization and transparency in the tax system.

The average monthly gross GST collection for the first quarter of the FY 2021-22, FY 22-23 & FY 23-24 are Rs. 1.10 lakh crore, Rs. 1.51 lakh crore and Rs. 1.69 lakh crore respectively, the finance ministry said.

The gross revenue has crossed the 1.6 lakh crore mark for the fourth time since the inception of GST in the country.

With the Economy Budgeted to grow at a Nominal Growth rate of 10.5% in this fiscal, the GOI is confident of reaching its GST revenue targets comfortably, if the same momentum is sustained for the rest of the year.

The second half of the year will be crucial in that respect since the Global recession is expected to hit the country's imports and exports and consequently this will impinge on GST revenues.

GOI and RBI may have to work with Growth supporting measures at that time.Let us cross the bridge when we come to it!

(courtesy: TOI and The ET)

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